Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul. The People’s Bank of China (PBOC), which has been driving the revamp at Ant after the… Continue reading China set to fine Ant Group over $1b in another tech crackdown
Author: Deal Street Asia Online News
UAE based AUM Ventures launches $30m India-focused fund
United Arab Emirates-based AUM Ventures has launched a $30-million debut venture capital fund targeting tech-enabled, innovation-backed and consumer-focused Indian startups. The firm has received an anchor commitment from a prominent Dubai-based family office and is targeting global family offices/HNIs to subscribe to the fund, AUM Ventures founding partner Chetan Mehta told DealStreetAsia. To date, AUM… Continue reading UAE based AUM Ventures launches $30m India-focused fund
Asia Digest: PAG, Gaw Capital among Global Switch bidders; CoverGo raises $15mKKR, EQT, Gaw Capital, PAG, and Stonepeak are among the bidders selected…
Asian buyout forms PAG and Gaw Capital are among the bidders finalised UK-based data centre company Global Switch Holdings. Separately, insurance SaaS platform CoverGo has raised $15 million in Series A funding round. KKR, EQT in race for Global Switch Private equity firms including EQT and are among bidders shortlisted to buy data centre company Global Switch… Continue reading Asia Digest: PAG, Gaw Capital among Global Switch bidders; CoverGo raises $15mKKR, EQT, Gaw Capital, PAG, and Stonepeak are among the bidders selected…
Indonesia’s SIRCLO sacks 8% staff, citing unfavourable economic conditions
Indonesian e-commerce enabler SIRCLO has laid off 160 employees, or 8% of its staff, as part of efforts to adapt to unfavourable macroeconomic conditions, the company announced on Tuesday. The announcement comes amid a string of layoffs at tech startups across Indonesia and the rest of Southeast Asia as economic headwinds impacted their growth and… Continue reading Indonesia’s SIRCLO sacks 8% staff, citing unfavourable economic conditions
IFC weighs $40m senior loan for Bangladeshi lender Dutch Bangla Bank
World Bank Group member International Finance Corporation (IFC) has proposed to extend up to $40 million in senior unsecured loans to Dutch Bangla Bank Limited (DBBL), one of the largest banks in Bangladesh. In a disclosure, IFC said the proposed investment is a 3-year senior unsecured loan with an annual amortizing and an unfunded facility… Continue reading IFC weighs $40m senior loan for Bangladeshi lender Dutch Bangla Bank
GLP’s China logistics Fund IV hits $1.2b in first close
GLP, a global real estate logistics giant, has notched up $1.2 billion for the initial closing of its fourth China value-add logistics fund, accounting for 46% of its $2.6-billion fund size. Sponsoring GLP China Value-Add Partners IV (GLP CVA IV) were GLP’s long-term institutional investment partners, including APG Asset Management, the investment vehicle of an… Continue reading GLP’s China logistics Fund IV hits $1.2b in first close
Mazda to invest $11b by 2030 to electrify its vehicles, boost battery production
Japan’s Mazda Motor Corp. will invest about $10.58 billion to electrify its vehicles, including boosting production of battery EVs, and aims to increase their share in the company’s overall global car sales by 2030. Mazda’s senior managing executive officer Akira Koga said the investment would be made along with its “partners”, without elaborating, and will… Continue reading Mazda to invest $11b by 2030 to electrify its vehicles, boost battery production
Indonesian employee benefit platform Venteny lines up $27m IPOThe startup booked a profit for the first time in H1 2022.
Close on the heels of churning out a profit, Indogen Capital-backed employee benefit and fintech solutions company PT Venteny Fortuna International (Venteny) is targeting to raise 423 billion rupiah ($27 million) in a domestic initial public offering (IPO). According to a prospectus published on Monday, the Indonesian startup plans to release 939 million shares, or… Continue reading Indonesian employee benefit platform Venteny lines up $27m IPOThe startup booked a profit for the first time in H1 2022.
Carlyle bullish on Japanese auto industry as EV shift shakes supply chainsCarlyle aims to enlarge its footprint in the Japanese automotive sector.
U.S. private equity firm Carlyle Group Inc aims to enlarge its footprint in the Japanese automotive sector as the global shift to electric vehicles (EVs) shakes the industry’s supply chain, its executives said. With the world quickly moving to EVs, Japanese auto parts suppliers are reviewing strategies that were traditionally tailored for combustion-engine cars, Reiji… Continue reading Carlyle bullish on Japanese auto industry as EV shift shakes supply chainsCarlyle aims to enlarge its footprint in the Japanese automotive sector.
People Digest: Everstone’s Atul Phull joins UBS; Vantage Capital Markets, AXA IM Alts announce key hires
Everstone Group’s managing director has joined UBS as an executive director. Separately, global brokerage and investment bank Vantage Capital Markets has appointed Federico Bazzoni as CEO of investment banking, while AXA IM Alts has appointed Lu Gao as head of Client Group Alts Asia. Phull to focus on SE Asia, Australia at UBS Atul Phull,… Continue reading People Digest: Everstone’s Atul Phull joins UBS; Vantage Capital Markets, AXA IM Alts announce key hires